Staff represented by trade union Unite fear the deal would trigger massive job cuts. They are due to hold a protest rally and lobby MPs on Wednesday.

Struggling fashion retailer New Look could shut as many as 60 of its 600 UK stores as online shopping wrecks its business model

RATE HIKE Bank of England deputy governor Dave Ramsden has hinted that interest rates could rise in May. He said there will have to be a hike soon if the Bank’s forecast of wage growth rising to 3 per cent proves to be correct.

PHONE FLOAT Mobile phone firm O2 is said to be plotting a £10bn float on the stock exchange, with Spanish owner Telefonica selling a substantial stake.

A previous plan to go public in 2016 was pulled at the last minute due to choppy markets.

CASH CALL Investors could be asked to stump up £500million by ailing doorstep lender Provident Financial in a bid to shore up its position.

The company is thought to be considering a rights issue to raise money after a disastrous IT upgrade wrecked the profitability of its debt-collecting arm.